The Australian Dollar (AUD) continues to extend gains against the US Dollar (USD) as it briefly hit the key 0.7000 figure overnight. Reaction to the strong US Employment and wages data from last week has seen some commentators suggest that the Fed may re-think their more aggressive interest rate hike, thus softening the USD a little against all other currencies.Localised tensions in Taiwanese waters haven’t had a major effect on the AUD/USD rate, but remain an “element of real risk” so worth being watchful here. Buying at key level of .7000 a target for all.
Current Level: 0.6985
Resistance: 0.7010
Support: 0.6890
Last Weeks Range: 0.6911-0.7003